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MAR 16, 2013 - Zero Hedge

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Saxo Bank CEO: "This Is Full-Blown Socialism And I Still Can't Believe It Happened"

Authored by Lars Seier Christensen, CEO Saxo Bank; originally posted at his blog at TradingFloor.com, It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors' money and 9.9 percent of big depositors' funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy? I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are ... Read More

Tags: Saxo Bank CEO: "This Is Full-Blown Socialism And I Still Can't Believe It Happened",  Eurozone Latest News